Battery thermal management system market is anticipated to grow at a significant CAGR of 15.7% during the forecast period (2024-2031). The market growth is attributed to increasing advancement in battery thermal management systems such as liquid-based, phase-change material-based, refrigerant-based, and ML-based methods globally. According to the International Energy Agency (IEA), in 2024, Electric car sales neared 14.0 million in 2023, 95.0% of which were in China, Europe and the US. Electric car sales in 2023 were 3.5 million higher than in 2022, a 35.0% year-on-year increase.
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Active thermal management systems actively control the battery’s temperature using sensors and actuators to maximize efficiency and extend battery life. To maintain passenger comfort in the cabin, the thermal management system must maintain the proper temperature for the electric motor, power electronics, and battery. Electric vehicle thermal management adjusts to both internal and exterior temperature variations to maintain the ideal temperature in battery packs, power electronics drives, and electric motors. As it affects the safety and drivability of electric vehicles, thermal control is essential. The drivability, fuel efficiency, and battery life of electric vehicles all deteriorate with rising temperatures. Battery thermal management is essential when considering the battery’s overall thermal impact on electric cars.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Battery Thermal Management System Market by Type
- Liquid Cooling & Heating
- Air Cooling & Heating
Global Battery Thermal Management System Market by Battery Type
- Solid-State Battery
- Conventional Battery
Global Battery Thermal Management System Market by Application
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- AKG Group
- ANSYS, Inc.
- BorgWarner Inc.
- Graco Inc.
- Grayson Thermal Systems
- Guchen Industry
- HYDAC International GmbH
- KUS Americas, INC.
- MAHLE GmbH
- Modine Manufacturing Co.
- Modine Manufacturing Company
- Schaeffler Group
- SGL Carbon
- SiTime Corp.
- Thermo Heating Elements, LLC
- Trumonytechs
- Valeo
- Zhengzhou Kelin Motor Vehicle Air Conditioning Co., Ltd.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the battery thermal management system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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